Upbit’s December Restart: Hack Gone, Wallets Renewed & Chaos Managed 🍹

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In what can only be described as the digital equivalent of a bank heist with a side of South Korean flair, Upbit has finally announced its triumphant return to the realm of deposits and withdrawals-set for December 1 at 1:00 PM KST. Don’t get too excited; they just managed to lose a mere $37 million targeting Solana-based assets, so naturally, they’re renovating their security better than a 19th-century manor house. 🏚️💸

The exchange, in its infinite wisdom, has decommissioned all preceding deposit addresses-consider them as outdated as your Aunt Mabel’s Christmas sweaters-and insists users generate fresh addresses. Because nothing says ‘we care’ like a prompt to reissue your keys after a break-in-lovely! 🗝️

Hackers plotting

The security breach occurred on November 27, 2025-oh, the irony-when roughly 44.5 billion KRW (or approximately $30-36 million USD for the less metrically inclined) vanished into the ether of cyber mischief. Apparently, North Korea’s Lazarus Group, no strangers to mischief, are suspected of masterminding this assault-perhaps they misread the ‘Solana’ part as ‘solanum’ and thought it was a vine! 🌿

New deposit addresses-because old ones are so last decade

Upbit sternly warned that sticking to the old addresses, like sticking to bad habits, might land you in delays-cue eye rolls. “Security improvements and wallet maintenance mean old addresses are as useful as a screen door on a submarine,” they quipped-or something to that effect. Users are advised to purge all previous addresses from wallets or other exchanges-not that they’ll miss much, apart from potential hacking nightmares. 🧙‍♂️

Any deposits attempted during the hiatus will appear ‘sequentially’-or in plain English, in a slightly confused order-once the chaos subsides. But don’t hold your breath; processing may take longer than waiting for your favorite TV show to come back from hiatus. 📺

As the system rebuilds itself-phase by cautious phase-funds will begin flowing again for fully inspected and secure digital assets. NFT deposits and staking requests, that pinnacle of crypto prestige, will follow closely behind once peace and order are restored. ✨

Upbit’s generous gesture: covering losses like a benevolent uncle at Christmas

In what must be a shock to everyone, Upbit has pledged to cover 100% of user losses from its own reserves. Not just a puffed-up line but a genuine commitment, as they immediately halted all deposits and withdrawals. Think of it as the financial equivalent of everyone getting a pat on the back after a public fright. 🎁

The firm successfully coordinated with token foundations to freeze about $8.18 million worth of tokens, such as LAYER, rendering them as useless as a chocolate teapot-worthless to the hackers and probably to anyone else too. That’s roughly 22% of the stolen loot-so, not bad, not great, but it’s a start.

Note to users: Prices might have danced a bit during the shutdown, so expect some differences-think of it as a digital yard sale. For certain assets, especially those caught in previous suspension or support-ending trade, only withdrawals will be available-because not everything can be neatly fixed overnight. 🛠️

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2025-12-01 03:13